Marvell Technology Names New CEO After Firing Predecessor

Chipmaker Marvell Technology named Matthew Murphy as chief executive and president, replacing its co-founders who stepped down from the posts in April after a probe raised questions about the top management’s operating style.

Murphy joins after 22 years at Maxim Integrated Products mxim, where he most recently led product development, sales and field applications, marketing and central engineering, Marvell said.

Murphy will join Marvell on July 11 and his appointment will increase the size of the company’s board of directors to 12. His annual base salary will be $750,000, according to a regulatory filing.

His appointment comes after a troubling few months for investors at Marvell mrvl, which has seen an internal probe and several executive changes.

In March, an audit committee investigation found Marvell’s management put “significant pressure” on sales teams to meet targets and that the company booked revenue prematurely for some transactions, though there was no fraud.

A month later chief executive Sehat Sutardja and president Weili Dai stepped down, a move that analysts at the time had said could set up Marvell for a sale or a break-up.

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Indonesia-born Sehat Sutardja co-founded the chipmaker in 1995, along with his brother Pantas and wife Dai.

The company has since hired a new chief operations officer, chief legal officer, as well as three independent board directors nominated by activist hedge fund Starboard Value.

Starboard disclosed a 6.5% stake in the company in February and urged Marvell to cut costs and exit its mobile-wireless business.

Marvell said last month an investigation pointed out that there was “significant pressure” from the management on sales teams to meet revenue targets but found no fraud in the way it booked its revenue in some quarters.

The audit committee conducting the probe also raised questions about a patent Sutardja had initially claimed as his before passing onto the company.

The patent relates to a technology that substantially reduces the amount of a type of memory needed to run computers and smartphones.

The company said on Tuesday it had formed an interim office of the chief executive for day-to-day operations.

The office will be headed by Maya Strelar-Migotti, executive vice president, smart networked devices and solutions business and Pantelis Alexopoulos, executive vice president of the storage business, as interim co-chief executive officers.